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Do I need to report stocks sold on my city taxes? I reported them on state and federal through TurboTax. If so, what form do I need?

Forum|Forum|4 years ago
February 23, 2022
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Best answer by Hal_Al

Ohio cities, including Parma, do NOT tax capital gains.

By state law, all OH city income taxes are for earned income only. A handful treat rental income as earned income.

C

Cynthiad66

@twentysomething - No. Not separately. If it was required it would automatically translate from your State return. Of course each state and city have different laws but, in this case, No.

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When you buy an open-market option, you're not responsible for reporting any information on your tax return.

However, when you sell an option—or the stock you acquired by exercising the option—you must report the profit or loss on Schedule D of your Form 1040.

How to Report Sale of Stocks on Your Tax Return

However, if you want more specific feedback, please provide the State and City so that we can research specifically.

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Hal_Al

Employee

What city in what state?

Most city income taxes are some form of a wage tax and do not apply to capital gains.

T

twentysomethingAuthor

Parma Ohio. I didn’t see a place for it, but also didn’t want to just guess.

J

JohnW152

There’s no specific indication that proceeds from stock sales need to be included on your Parma Income tax return. Ideally, you'd contact the city for confirmation.

See the City of Parma’s 1040 for 2021 form, and also specifically Schedule H in the 1040 for 2021 Directional Guide, both found at Taxation, for more information.